How many banks in desperate need of capital bought back their own stock in 2006 before this crisis began?
How many banks in desperate need of capital bought back their own stock in 2007 after this crisis began?
How many banks in desperate need of capital bought back their own stock in 2008 while we are in the middle of this crisis?
Take Wachovia for instance in reverse chronological order:
In the first quarter of 2008, they bought 539,694 shares at an average price of $37.86 per share. It’s at $18 now.
In 2007, Wachovia purchased 22 million shares at an average price of $54.35. $1.195 billion now worth $396 million.
In 2006, Wachovia purchased 82 million shares at an average price of $54.96. $4.5 billion now worth $1.476 billion.
A few billion down the drain. Does anyone really care?
Don’t stop with Wachovia, just pick any bank and look through their 10-Ks and 10-Qs.
What does it matter? Does it matter that these guys are getting bailout after bailout of taxpayer capi...
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Not a Goldilocks FanFrom: hedgefolios.com
Post Date: 2006-09-27 06:11:52
“Not too hot, not too cold…. just right.” Goldilocks has somehow become idolized for this one statement and yet I find it amazing that she isn’t held accountable for the rest of her acts. By my accounts she was a disobedient child, trespasser, thief, ingrate, vandal, and coward. Remember all that during the gazillion times you are going to hear the term “Goldilocks Economy” in the coming weeks and try to apply those terms to investors and the economy.
I kn...
more Membership to HedgeFoliosFrom: hedgefolios.com
Post Date: 2006-09-28 19:43:04
Beginning this weekend, HedgeFolios will become a membership site. Upon your visit, you will see a new tab called “MEMBERSHIP” that will guide you through registration and login. I expect the whole process to take just a few minutes and at this time, it does not require you to provide any credit card information. The site will be FREE for only a few more weeks. When you register, you will be given a one-month trial and at the end of that period, subscriptions will begin.
The me...
more Registration and Log InFrom: hedgefolios.com
Post Date: 2006-09-30 18:16:35
To use all the resources of HedgeFolios, please follow these steps:
Go to the Membership tab.
Click any of the three blue Register links.
Complete the form with your information.
Read the legal stuff and if you agree, click the “I agree” button.
Click on the Register button.
At this point, you should get a message notifying you that an email has been sent to the address you provided. After you have read that, you should close out the HedgeFolios browser window. When you o...
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